Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Next question for the ECB: How much good will it do? + MORE Mar 10th
(Ralph Orlowski/Reuters)
Update: The ECB cut main interest rate to 0% and cut deposit rate to -0.4%.
FRANKFURT — How far will Mario Draghi and the European Central Bank go to boost inflation and a shaky economy?
Market participants are waiting for the bank rate decision and president’s news .... More »
Not all rate hikes are created equal + MORE Nov 19th
(Getty Images / Nigel Carse)
Shopping for a mortgage, these days, is a lot like shooting those tin ducks at the carnival.
The game looks easy enough. Just aim, focus on the duck you want, then squeeze the trigger and…miss. Getting a locked-in, guaranteed, pre-approval rate also looks easy; tur.... More »
United, Iberia airlines pull out of Nigeria; funds blocked Jun 8th
LAGOS, Nigeria – U.S. airline United and Spain’s Iberia are pulling out of Nigeria as the government is urged to release more than $600 million in air ticket sales blocked by the West African nation’s chronic foreign currency shortage.
The International Air Transport Association.... More »
Your Finances: Fall Back on Track + MORE Sep 12th
September is in full swing – but have you blown your budget all the way to the new year? A recent study finds a $500 left-field expense is all it would take to derail 30% of Canadian finances.
The good news? This fall can be your unofficial fresh start. Whether or not you’re a student, read.... More »
Canadian bank earnings forecast bright but housing, NAFTA cloud outlook + MORE Feb 20th
The forecast for Canada's biggest banks is bright thanks to U.S. tax reform and higher interest rates, but as they report first-quarter results this week, domestic mortgage demand and the North American Free Trade Agreement could cloud the long-term outlook, analysts say..... More »
Business Highlights
– canadianbusiness.com
___
JPMorgan Chase reaches $4.5 billion settlement
JPMorgan Chase & Co. said Friday it has reached a $4.5 billion settlement with investors over mortgage-backed securities.
The settlement covers 21 major institutional investors. The mortgage-backed securities were issued by JPMorgan and Bear Stearns between 2005 and 2008. New York-based JPMorgan acquired the failing investment bank Bear Stearns in March 2008.
The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
___
Retailers take on Silicon Valley
SAN FRANCISCO (AP) — Software engineers wearing jeans and flip flops test the latest smartphone apps…
JPMorgan Chase reaches $4.5 billion settlement
JPMorgan Chase & Co. said Friday it has reached a $4.5 billion settlement with investors over mortgage-backed securities.
The settlement covers 21 major institutional investors. The mortgage-backed securities were issued by JPMorgan and Bear Stearns between 2005 and 2008. New York-based JPMorgan acquired the failing investment bank Bear Stearns in March 2008.
The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
___
Retailers take on Silicon Valley
SAN FRANCISCO (AP) — Software engineers wearing jeans and flip flops test the latest smartphone apps…
Ratings agency Moody’s downgrades several ratings for CIBC Mellon Trust
– canadianbusiness.com
TORONTO – Moody’s Investors Service has downgraded its ratings for CIBC Mellon Trust, a Toronto-based trust company jointly owned by the Canadian Imperial Bank of Commerce (TSX:CM) and the Bank of New York Mellon.
Moody’s said Friday that it has reduced CMT’s stand-alone bank-level baseline credit assessment to a2 from a1 and its bank financial strength rating to C+ from B-.
As well, CMT’s issuer and long-term deposit ratings were downgraded to A1 from Aa3, while its short-term Prime-1 deposit ratings were affirmed.
Moody’s said the change conclude a review for possible downgrade that was initiated in July and that subsequent to the downgrade the ratings outlook is stable.
Moody’s said the downgrade of the stand-alone BCA reflects structural profitability pressures that CMT faces along with its affiliate, CIBC Mellon Global Security Services.
“While CIBC Mellon’s position in the Canadian custody market remains very strong, it faces similar profitability pressures as other custodian banks in the current low interest rate environment,” Moody’s analyst William Burn said in a release…
Moody’s said Friday that it has reduced CMT’s stand-alone bank-level baseline credit assessment to a2 from a1 and its bank financial strength rating to C+ from B-.
As well, CMT’s issuer and long-term deposit ratings were downgraded to A1 from Aa3, while its short-term Prime-1 deposit ratings were affirmed.
Moody’s said the change conclude a review for possible downgrade that was initiated in July and that subsequent to the downgrade the ratings outlook is stable.
Moody’s said the downgrade of the stand-alone BCA reflects structural profitability pressures that CMT faces along with its affiliate, CIBC Mellon Global Security Services.
“While CIBC Mellon’s position in the Canadian custody market remains very strong, it faces similar profitability pressures as other custodian banks in the current low interest rate environment,” Moody’s analyst William Burn said in a release…
JPMorgan reaches $4.5 billion settlement with investors over mortgage-backed securities
– canadianbusiness.com
JPMorgan Chase & Co. has reached a $4.5 billion settlement with investors over mortgage-backed securities.
The settlement, announced Friday, covers 21 major institutional investors, including competitor Goldman Sachs, BlackRock Financial Management, and Metropolitan Life Insurance Co. The mortgage-backed securities were sold by JPMorgan — the biggest U.S. bank — and Bear Stearns between 2005 and 2008.
The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
New York-based JPMorgan has said that most of its mortgage-backed securities came from investment bank Bear Stearns and savings and loan Washington Mutual, troubled companies that JPMorgan acquired in 2008…
The settlement, announced Friday, covers 21 major institutional investors, including competitor Goldman Sachs, BlackRock Financial Management, and Metropolitan Life Insurance Co. The mortgage-backed securities were sold by JPMorgan — the biggest U.S. bank — and Bear Stearns between 2005 and 2008.
The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
New York-based JPMorgan has said that most of its mortgage-backed securities came from investment bank Bear Stearns and savings and loan Washington Mutual, troubled companies that JPMorgan acquired in 2008…
